Daily analysis of GBP/JPY for June 21, 2017

The GBP/JPY pair faced clear negative pressure yesterday due to stochastic exit from the overbought areas. The pair declined below the moving average 55 and consolidated around 140.50. We remind you that the bullish scenario mainly depends on the stability of the bullish channel’s support at 139.00, which allows us to wait for new bullish momentum and a renewed attempt to hit positive targets that start at 143.35 followed by 145.45. We should note that a new negative close below the main support will stop the bullish bias domination and start new bearish bias to target 50% Fibonacci correction level at 137.60. The expected trading range for today is between 139.00 and 142.20.